Midday Market

Midday Wave #134: Breadth Flips Bullish — But Can You Trust Thin Volume? – Tuesday 10/20/2026

Episode 1345:16

0:005:16

Episode summary

Breadth regime flips from Neutral to Bullish intraday as Bull 4% nearly doubles and 40SMA breadth jumps almost eight points, but flat 20SMA readings and sub-1.0 RVOL across every leading name raise questions about conviction. The team walks through confirming leaders, fresh Stocks in Play, and a key 20% Study setup in TYL that could...

Chapter by chapter

Breadth Flips from Neutral to Bullish

Bull 4% nearly doubles and 40SMA breadth jumps almost eight points as the regime flips bullish, while flat 20SMA breadth signals the strength is concentrated, not broad.

Leaders Confirm on Thin Volume

EFX, LLY, IT, and INFY all confirm the move higher, but every name is posting RVOL under 1.0.

New Stocks in Play and the 20% Study

Earnings-driven movers KEY, HAS, and BIIB join the list, ULCC lags its oil thesis, and the 20% Study flags LLY, ULTA, and TYL as setups to watch.

Selective Entries and Key Levels Into the Close

The plan shifts to selective-only entries, with TYL's resistance zone and ULTA's demand zone as the levels that will decide the rest of the session.

Key points

  • Breadth regime flipped from Neutral to Bullish intraday, with Bull 4% nearly doubling (163 to 282) and 40SMA breadth up almost eight points.
  • Flat 20SMA breadth at 22% signals the rally is concentrated in longer-term breadth, not broad participation.
  • Every confirming leader — EFX, LLY, IT, INFY — is trading below 1.0 RVOL, meaning the move lacks full volume conviction.
  • New Stocks in Play (KEY, HAS, BIIB) are earnings-driven, while ULCC lags its oil-price thesis.
  • TYL is the key tell into the close: a break above $379.27–$393.53 would confirm institutional follow-through, with ULTA's $496.75–$516.74 zone as the risk reference.

Ticker charts

EFX

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open EFX in WaveFinder.

Daily bars through Oct 20, 2026.

LLY

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open LLY in WaveFinder.

Daily bars through Oct 20, 2026.

IT

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open IT in WaveFinder.

Daily bars through Oct 20, 2026.

INFY

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open INFY in WaveFinder.

Daily bars through Oct 20, 2026.

KEY

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open KEY in WaveFinder.

Daily bars through Oct 20, 2026.

HAS

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open HAS in WaveFinder.

Daily bars through Oct 20, 2026.

BIIB

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open BIIB in WaveFinder.

Daily bars through Oct 20, 2026.

ULCC

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open ULCC in WaveFinder.

Daily bars through Oct 20, 2026.

ULTA

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open ULTA in WaveFinder.

Daily bars through Oct 20, 2026.

TYL

Open in app
SMAUp (filled)Down (hollow)

Use left and right arrows to move through history, plus and minus to zoom, ] and [ to open the next and previous event, Escape to close its card, Enter to open TYL in WaveFinder.

Daily bars through Oct 20, 2026.

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